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Paragraph 3

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

The apportionment fraction is—

[AB×(C+D)]-EC,

where—

  • A is the value at the relevant date of the accrued actuarial liabilities of the fund which relate to the persons transferring their pension rights on that date to the approved non-local government scheme,

  • B is the value at the relevant date of all accrued actuarial liabilities of the fund,

  • C is the value at the relevant date of the transferable assets of the fund minus any sums then due from the fund,

  • D is the value at the relevant date of any adjustments to be made in consequence of a certificate under regulation P9(1)(b) to sums (other than sums then due to the fund) to be contributed to the fund under regulation P12(1), and

  • E is the value at the relevant date of the part (if any) of those adjustments that relate to the persons transferring their pension rights on that date to the approved non-local government scheme.